132nd MAINE LEGISLATURE
		LD 856		LR 1636(02)
	An Act to Phase Out the Income Tax
	Fiscal Note for Bill as Amended by Committee Amendment " "
	Committee: Taxation
	Fiscal Note Required: Yes
Fiscal Note
			FY 2025-26	FY 2026-27	Projections  FY 2027-28	Projections  FY 2028-29
Net Cost (Savings)
	General Fund		$218,291,000	$798,836,000	$1,436,713,500	$2,127,781,500
Revenue
	General Fund		($218,291,000)	($798,836,000)	($1,436,713,500)	($2,127,781,500)
	Other Special Revenue Funds		($11,489,000)	($42,044,000)	($75,616,500)	($111,988,500)
Fiscal Detail and Notes
	This bill includes a revenue decrease to the General Fund of $218,291,000 in fiscal year 2025-26 and $798,836,000 in fiscal year 2026-27 by phasing out the Maine income tax, excluding fiduciary income tax, over 5 years beginning in 2026 and requires that state department budgets be reduced proportionately. The bill also includes a revenue decrease to the Local Government Fund of $11,489,000 in fiscal year 2025-26 and $42,044,000 in fiscal year 2026-27. There are additional administrative and fiscal impacts of this bill that cannot be determined at this time.